Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#1 Dallas Cowboys

Team Value1: $1.5 bil

The greatest owner in the history of the modern NFL is about to paint his masterpiece. Jerry Jones, who created the blue print for stadium economics after buying the Cowboys in 1989, is going to move into a new stadium in 2009 (the City of Arlington will own the stadium but the team will control the lease). With 80,000 seats and about 400 luxury suites (some of which will lease for more than $350,000 a season), the team's operating income could top $100 million. Not bad for a wildcatter who paid $140 million for a money losing team and stadium lease when oil was $10 a barrel and now owns the most valuable sports franchise in the world.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#2 Washington Redskins

Team Value1: $1.5 bil

Owner Dan Snyder has turned FedEx Field into his own private ATM since buying the team in 1999. He's increased stadium revenues 150% since then to almost $200 million thanks to 10,000 new seats and higher prices across the board for tickets, parking, concessions and sponsorships. Snyder can't spend his increased riches on players thanks to the league's strict salary cap. So he's poured the money into coaching. Both coordinators make $2 million which is head coaching money for a lot of teams (head coach Joe Gibbs pulls down $6 million annually). This high-priced coaching talent has not done much good. The team has only two winning seasons since Snyder came onboard.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#3 New England Patriots

Team Value1: $1.2 bil

The Patriots are consistently one of the NFL's most profitable and valuable franchises thanks to revenue rich Gillette Stadium. The 87 luxury suites and 6,000 club seats generate $40 million a year for owner Robert Kraft. The Pats have won 70 regular season games over the past six years, more than any other franchise. Oh yeah, they also took home three Lombardi trophies during that time.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#4 Houston Texans

Team Value1: $1.1 bil

The losses keep piling up (56 in five years), but fans continue to fill Reliant Stadium. The stadium is a gold mine for owner Robert McNair. It's home to the biggest naming rights deal in US sports—a 30-year, $300 million deal with Reliant Energy. The stadium is home to 185 luxury suites and 8,400 club seats that generate more than $40 million a year in revenue. This offseason represented an end of an era when the Texans let go its franchise quarterback and first ever draft pick, David Carr.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#5 Philadelphia Eagles

Team Value1: $1.1 bil

The Eagles jettisoned showboat wide receiver Terrell Owens last year and returned to the playoffs after a one-year absence. The Eagles have been one of the NFL's most consistent teams under coach Andy Reid averaging almost 11 wins per season since 2000. The Eagles' stadium, Lincoln Financial Field, is a gold mine for owner Jeffrey Lurie. The team generates more than $60 million a year in premium seating and sponsorship revenue and gets reimbursed for some stadium operating costs. Lurie borrowed from Fleet Boston and the NFL to contribute $330 million to the construction of the stadium, which opened its doors in 2003 and has 50,000 fans on a waiting list for season tickets.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#6 Denver Broncos

Team Value1: $994 mil

Denver Broncos owner Pat Bowlen has had to fight lawsuits from former owner Edgar Kaiser, Jr. that Bowlen violated Kaiser's right of first refusal when he offered former Broncos quarterback John Elway 10% of the team for $15 million after the 1998 Super Bowl and, later, 50% of the team to his two siblings. Bowlen prevailed in the former case and we are not aware that a decision has been reached in the latter case. It is easy to see why Bowlen wants to keep the Broncos out of Kaiser's hands. Football-crazed Denver has made every Broncos game a sell-out since 1970 and the team has one of the elite stadiums in the NFL.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#7 Chicago Bears

Team Value1: $984 mil

Da Bears' fortunes on and off the field have improved dramatically the past five years thanks largely to a new stadium and the keen mind of President Ted Phillips, a former tax accountant who has been with the franchise for two decades. Phillips is the mastermind behind the team's new stadium, built in 2003, and the hiring of Jerry Angelo five years ago, who was the team's first general manager in 14 years. Under new coach Lovie Smith the Bears reached their first Super Bowl since 1985 last season and are now in the top eight in the league in revenue and operating income thanks to Soldier Field's 133 luxury suites and 8,500 club seats.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#8 New York Giants

Team Value1: $974 mil

The late Wellington Mara was the man behind the NFL's huge revenue sharing system that for years allowed small market teams compete with big market teams. In the early 1960s, when his Giants had a rich local TV deal, Mara agreed to a plan by which the league would negotiate a national TV deal which all teams would share equally. The irony is that the Giants were only a middle-tier team financially for much of the past two decades because of they played their games in the Meadowlands, a low-revenue facility. That will change in 2010 when the Giants open their new $1.3 billion stadium, replete with 217 pricey luxury suites. The Jets will share the building and are picking up half the tab. The NFL approved a $300 million stadium loan (twice the contribution by the league to any other stadium) that will be paid back with visiting team's share of club seat revenues and the Giants issued $650 million worth of bonds through Goldman Sachs.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#9 Cleveland Browns

Team Value1: $969 mil

The Browns picked up two high-profile first round picks this year in quarterback Brady Quinn and lineman Joe Thomas in hopes of turning around this once proud franchise. Since their return to Cleveland for the 1999 season (the original Browns moved to Baltimore after the 1995 season), the Browns have racked up the worst record in football, with only 40 wins against 88 losses. Financially, the Browns are still one of the league's crown jewels, thanks to a rabid fan base and sweetheart lease at Cleveland Browns Stadium.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#10 New York Jets

Team Value1: $967 mil

The Jets shocked the football world last year when they made the playoffs after many pundits predicted the team would be one of the worst in the NFL. Much of the credit fell on the shoulders of rookie coach, Eric Mangini, a disciple of Patriots' boss Bill Belichick. The Jets are partnering with the Giants in a new $1.3 billion stadium scheduled to open in 2010. One of the hottest debates around the stadium is the cost of naming rights for it. The New York Mets' record $20 million a year deal with Barclays probably sent the annual price tag on the Jets' new digs to at least $25 million.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#11 Baltimore Ravens

Team Value1: $965 mil

The Ravens tied for the second best record in football last year, but lost their first playoff game to eventual Super Bowl champs Indianapolis Colts. It was another banner year off the field as the Ravens benefited from their prosperous lease at M&T Bank Stadium (huge player costs took a bite out of overall profits though). The Ravens get to keep almost all revenue with very little stadium expenses, though the team has spent over $6 million on suite upgrades and new technology the past couple of years. Profits have averaged $25 million per season since M&T Stadium (formerly PSINet Stadium) opened in 1998.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#12 Tampa Bay Buccaneers

Team Value1: $963 mil

Buccaneers owner Malcolm Glazer is worth $2 billion. But that did not stop him from asking taxpayers last year to give him $12 million to build a new indoor practice facility. That takes a lot of nerve considering the public already paid $194 million to finance Raymond James Stadium for the Bucs in 1998. On top of that, Glazer gets to keep almost all of the proceeds from the facility and incur almost none of the expenses. The generous lease forced the Tampa Bay Sports Authority to sell the stadium to Hillsborough County in 2003 because the county could not afford the property taxes on the facility. It looks like taxpayers will not give in to Glazer this time.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#13 Kansas City Chiefs

Team Value1: $960 mil

After years of trying, in April the Chiefs finally got Kansas City-area voters to approve a three-eighths of a cent sales tax increase to finance the bulk of a $375 million renovation of Arrowhead Stadium. The state will finance $50 million of the project, while the Chiefs will kick in $125 million and cover any cost overruns. Changes include a Chiefs store, museum, and increased concession stands that will boost revenue. The vote commits the teams to their renovated stadiums until 2031. One disappointment was that voters rejected a second ballot initiative that would have approved $170 million in funding for a rolling roof. The no-vote means the Super Bowl will not be coming to KC any time soon.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#14 Carolina Panthers

Team Value1: $956 mil

Owner Jerry Richardson has turned the Carolina Panthers into a financial powerhouse without taxpayer subsidies. The Panthers are one of the few NFL teams that play in a stadium built without taxpayer funds. Bank of America Stadium (originally Ericsson Stadium), constructed in 1996, was the first football stadium financed on the strength of $120 million in PSL sales. For the 2007 season the Panthers added 206 lower level seats (each seat has a one-time PSL fee of $15,000 putting $3 million in Richardson's pockets). Expanding on their strong market for single-game suites, the team created the Champions Row programs, which allows existing suite holders to rent a second skybox for the day for $15,000.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#15 Miami Dolphins

Team Value1: $942 mil

Nick Saban was the latest coach who tried to fill the big shoes of Don Shula, but he fled southern Florida in controversy after two years to return to the college game at Alabama. This once proud franchise has been eclipsed by its division rival New England and has not won a playoff game since the 2000 season. The Dolphins remain one of the NFL's elite franchises in terms of finances though, thanks to a stadium that generates $50 million in marketing and premium seating revenue. But the team has a mountain of debt as a result of its ongoing $250 million renovation of Dolphin Stadium, causing Fitch Ratings to lower its rating on Dolphin Stadium's bonds to BBB (stable) in 2006. Heuizenga has capitalized interest payments on debt until 2009.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#16 Pittsburgh Steelers

Team Value1: $929 mil

The Steelers have been one of the NFL's most stable franchises since entering the league in 1933 thanks to the Rooney family, which has owned the team since its inception. The Steelers have a tradition of hiring young coaches and letting them run the football team without interference (prior to the 2007 season the only two head coaches during the past 38 years were Chuck Noll and Bill Cowher). This year the Rooney family tapped another 30-something defensive minded coach, Mike Tomlin, in hopes of maintaining that consistency. The Steelers' rabid fan base and operating control of Heinz Field keeps the small market franchise financially competitive.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#17 Green Bay Packers

Team Value1: $927 mil

The small market Packers continue to be an elite franchise thanks to a rabid fan base and future Hall of Famer Brett Favre. The Packers have had only one losing season since Favre arrived in 1992. The gunslinging QB delivered two Super Bowl appearances, one title, and ranks in the top two all-time in terms of career TDs, completions and passing yards.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#18 Tennessee Titans

Team Value1: $922 mil

Titans cornerback Pacman Jones was one of the first players to feel the wrath of the NFL's new conduct policy. Commissioner Roger Goodell suspended Jones based on his 10 encounters with police since being drafted in 2005. Fortunately, the Titans have another young stud to lean on in QB Vince Young. As a rookie last year, Young led the team to 8 wins, double the 2005 total. Last year the Titans found a replacement for former naming rights partner Adelphia Communications, which forfeited naming rights when the scandal-ridden telecommunications company could not make its payments. The new rights holder is Louisiana-Pacific, a Nashville-based building products company, which will pay $30 million over 10 years for LP Field.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#19 Seattle Seahawks

Team Value1: $921 mil

The Seahawks surprised the sports world this year when they signed an exclusive pouring rights agreement with tiny Jones Soda (2006 sales of $39 million). Qwest Field becomes the only NFL stadium where Coca-Cola or PepsiCo do not hold the pouring rights. Jones' advantage was its ability to put pictures of individual players on its bottles. The Seahawks capitalized on ticket demand (43 straight sellouts) by raising prices 13% last season. Even with the hike, the $50 average price still makes them the fifth cheapest ducats in football.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#20 Cincinnati Bengals

Team Value1: $912 mil

In March, NFL owners approved a revenue-sharing plan that will result in $100 million passing from high-revenue to low-revenue teams in 2006 and a $110 million transfer in each of the next three years. Bengals owner Mike Brown was one of only two NFL owners to vote against the plan (Jaguars owner Mike Weaver was the other) because he felt he would not get enough money from teams like the New England Patriots. The irony is that the Bengals only contributed $50 million to their stadium and have one of the best deals in all of sports (the team receives virtually all stadium-related revenues and is not responsible for any of the stadium's operating costs), the Patriots financed their stadium without taxpayer financing.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#21 Indianapolis Colts

Team Value1: $911 mil

Colts owner Jim Irsay is getting a big bang for the $98 million, seven-year contract he gave Hall of Fame-bound quarterback Peyton Manning in 2004. The Colts storybook 2006 season ended with a Super Bowl win as Manning took home the MVP award. Despite the roll the Colts have been on the past few seasons, the team has been stuck at the bottom the NFL's financial standings due to Indy's small market and its antiquated stadium, the RCA Dome. That changes in 2008 when the team moves into a new $675 million stadium, largely funded by Marion County taxpayers. Without Manning as the face of the franchise it is unlikely the team would have gotten such a sweet deal. The Colts will get most of the stadium's revenue, including a $122 million, 20-year naming rights fee from Lucas Oil, while the City will cover the stadium's operating costs. The most incredible part of the deal: the City is going to pay the Colts $48 million for leaving the RCA Dome before their lease expired.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#22 St Louis Rams

Team Value1: $908 mil

When the Rams moved to St. Louis from Los Angeles in 1995, the team's revenues were among the top three in football. But as a plethora of new stadiums popped up over the past decade, the team has sunk to the bottom ten in terms of revenue. This fall allowed the team to collect $5 million under the NFL's new revenue sharing agreement. A bad sign for the Rams' future though: after 95 straight sellouts, the Rams failed to sell out their final game in 2006, a first since moving to St Louis.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#23 Arizona Cardinals

Team Value1: $888 mil

The sad-sack Cardinals got a lift last year with the opening of their new home, University of Phoenix Stadium. The Cards kicked in $150 million to the stadiums $455 million cost (including infrastructure costs). The best stadium in the NFL features 88 luxury suites, 7,500 club seats, real grass and a retractable roof. The team sold all of its tickets for the 2006 season, but was not able to lease all of the suites. The Cardinals also stunned the naming rights industry when they secured a 20-year, $154 million agreement with Apollo Group subsidiary, University of Phoenix. Michael Bidwill, who is now running the team for his father, has energized a franchise that has managed only one winning season since 1984.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#24 Detroit Lions

Team Value1: $870 mil

Six straight seasons of double-digit losses have Lions' fans calling for the head of general manager Matt Millen, who came on board in 2001 and has seen a succession of top draft picks flop. The latest savior is stud wide receiver Calvin Johnson, the second pick in the 2007 draft. Fans have already snapped up all of the tickets at Ford Field for this season. Good thing as the Lions are on the hook for much of the new stadium's $440 million cost.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#25 New Orleans Saints

Team Value1: $854 mil

The Saints marched back into New Orleans in grand fashion last year after being displaced by Hurricane Katrina. New quarterback Drew Brees and Heisman Trophy winner Reggie Bush led the team to a division title and within one game of the Super Bowl. The Superdome received a $185 million renovation, most of which was financed by the federal government. The team sold out all of its games. Prior to the 2007 season the team sold out its luxury suite inventory for the first time since suites were added in the early 1990s. And the waiting list for season tickets now has 25,000 names on it. But make no mistake about it, despite the emotional high the franchise and its fans are on the Saints face a daunting task of staying financially competitive due to the state's poor economics, which existed long before Katrina.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#26 San Diego Chargers

Team Value1: $826 mil

The Chargers delivered on the gridiron last season (the team finished with the best record in football) and have the most exciting running back in the league (MVP LaDainian Tomlinson set an NFL record with 31 touchdowns last season), but the city has not budged on its longstanding refusal to use taxpayer money to build the team a new stadium. Owner Alex Spanos is looking to take the team elsewhere because Qualcomm Stadium was built in 1967 (the city paid for a $78 million expansion in 1997) and is the league's second oldest building (the Raiders McAfee Coliseum is the oldest). The antiquated facility puts the team in the bottom-third of the NFL in premium seat revenue.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#27 Buffalo Bills

Team Value1: $821 mil

The Bills play in one of the NFL's smallest markets and the team's 88 year old owner, Ralph Wilson, has said he is fed up with the new breed of NFL owners. Wilson plans on having his estate sell the team (which means Buffalo could lose its franchise) after he dies. Wilson was not happy with the league's new collective bargaining agreement reached in March because he does not think the Bills can remain competitive with the $7 to $10 million a season subsidy he will get from richer teams like the Cowboys and Redskins. The Bills lost several star players this offseason including linebackers London Fletcher and Takeo Spikes, cornerback Nate Clements and running back Willis McGahee.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#28 Oakland Raiders

Team Value1: $812 mil

Despite finishing with the league's worst record last year (2 wins, 14 losses), things are starting to look up for the Silver and Black. The Raiders took control of ticket sales for the first time since returning to Oakland from Los Angeles in 1995 last year (a county-run organization previously held the job). The result was a 12% attendance boost fueled largely by season ticket sales of 37,000, up from 29,000 the prior year. The team also collected their full share of club seat revenues for the first time adding $2 million to the bottom line. One more plus under the Raiders new agreement with Alameda County is that the team will collect some advertising revenue within McAfee Coliseum. Previously, baseball's Oakland A's, also a McAfee tenant, collected the lion's share of ad signage revenue.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#29 Jacksonville Jaguars

Team Value1: $811 mil

The Jaguars were one of the NFL's highest revenue teams when they entered the league in 1995 and played in a new stadium that was one of the first to sport expensive club seats. Times have changed. The Jags stadium is antiquated by today's standards and owner Wayne Weaver is looking to raise capital to relieve his franchise from the pain of $110 million in high-interest debt. The team raised ticket prices this year in hopes of receiving a full piece of the revenue sharing pie (teams are required to have gate receipts within 90% of the league average). The Jags are in search of a new naming rights partner after Alltel decided not to extend their current contract. Alltel is not a big loss for the team as the deal netted the Jags less than $500,000 per year.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#30 San Francisco 49ers

Team Value1: $799 mil

The 49ers served as the NFL's model franchise through the 1980s and '90s, racking up five Super Bowl wins in the process. But most of the past decade has been marred by salary cap problems, an ownership squabble, losing teams and the inability to get taxpayers to approve a new stadium. Despite playing in the country's sixth biggest TV market, the 49ers have some of the lowest revenues in the league thanks, to an antiquated stadium that features no club seating, and an onerous lease that forces the team to share concession, luxury-suite, naming-rights and signage revenue with the city.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#31 Atlanta Falcons

Team Value1: $796 mil

It's been a dark 2007 for the Atlanta Falcons with the gruesome dogfighting charges against the face of the franchise, quarterback Michael Vick. One thing that has gone right for the franchise this year is a $25 million renovation of the state-owned Georgia Dome. The changes include the addition of two new LED video boards that wrap around the stadium and the elimination of 40 suites which were replaced by 8 new "super-suites". The team also renovated some existing suites and jacked up the average price more than 50%. Even with the changes, the team still has one of the league's lowest revenues thanks to an onerous lease that requires team owner Arthur Blank to share luxury suite and marketing revenues with the state.

Revenues and operating income are for 2006 season.1Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).

#32 Minnesota Vikings

Team Value1: $782 mil

Zygi Wilf, who along with family members owns the majority of the Vikings, is rolling the dice big time. Wilf has been spending heavily on coaches, players and facilities and has already made two capital calls on investors since buying the franchise two years ago. He also has purchased four city blocks near the Metrodome with the hope that taxpayers will fund a $1 billion stadium with a retractable roof. Taxpayers have not agreed to buy Wilf his stadium and the collapse of the Interstate 35W bridge in August makes it unlikely that Minnesota's politicians will be able to convince people to fork over their cash to a rich team owner rather than invest in infrastructure. To boost revenue in the antiquated Metrodome, the Vikes have built two Terrace Suites and sold a three-year naming rights deal to Samsung for the suite in the north end zone since Wilf took over the franchise.